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Economy

Congratulations on the $1,000,000,000,000, Jeff Bezos. Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone. But of that massive revenue, retail is slowly beginning to take a back seat to other higher-margin services. Amazon's stock has gained over 70% in 2018, according to CNBC .
  • Qatar Rescues Turkey With $15 Billion

    Qatar Rescues Turkey With $15 Billion

    Economy

    Treasury Secretary Steven Mnuchin on Thursday evening said that the U.S. could look to impose fresh sanctions on Turkey if President Erdogan doesn't release imprisoned American pastor Andrew Brunson. Though Turkey's financial troubles did not originate with the battle over Brunson's release, the moves have sped up the Turkish economy's decline. Around the same time as Mnuchin's comments, President Trump intervened on Tweeted that Turkey has "taken advantage of the United States for many ...
  • Trump defends tariffs, says USA 'was built' on taxing imports

    Trump defends tariffs, says USA 'was built' on taxing imports

    Economy

    Washington announced in January the imposition of what it called safeguard tariffs for four years: a tariff of 30 percent in the first year, which would be reduced gradually to 15 percent in the fourth year. China filed a complaint with the WTO to help determine the legality of the US policies, saying they not only harm China's rights but also undermine the WTO's authority, according to Reuters.
  • More US sanctions for Turkey if they don't obey

    More US sanctions for Turkey if they don't obey

    Economy

    US stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States later in August and Turkey's lira continued its recovery. In return, President Recep Tayyip Erdogan signed a decree to raise tariffs on American imports including cars, alcohol and tobacco. "He's a very innocent man", Trump said.
  • U.S. can not see who its true friend is: Turkish FM

    U.S. can not see who its true friend is: Turkish FM

    Economy

    Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan , addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets. Kalin said the German and French leaders told Erdogan that "they were also suffering and that they were also complaining about" U.S. President Donald Trump's administration's tendency to "use trade, dollars, taxes as weapons".
  • China to send delegation for USA talks to avert trade war

    China to send delegation for USA talks to avert trade war

    Economy

    USA futures also gained, as Dow e-minis gained 0.45 per cent on the news. The delegation led by a deputy commerce minister will visit in late August to discuss "issues of mutual concern", the Commerce Ministry announced Thursday. Under Secretary of Treasury for International Affairs David Malpass. U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow's remarks on CNBC.
  • Chinese oil importers shun USA crude despite tariff reversal

    Chinese oil importers shun USA crude despite tariff reversal

    Economy

    The US benchmark crude has declined more than 4percent this month as global trade disputes threatened to deflate energy demand growth. Meanwhile the market is worrying about supply from Venezuela and preparing for the last round of USA sanctions against Iran , which will target its oil industry specifically.
  • Rescuers in Italy comb concrete and steel after bridge collapse

    Rescuers in Italy comb concrete and steel after bridge collapse

    Economy

    Luigi D'Angelo, an official for the civil protection agency, said there were 30 cars and between five to 10 trucks on the road when the middle section came down. Davida Di Giorgio shot the video on his cell phone which captured the moment of the collapse. Vehicles on the bridge plummeted as far as 90 metres.
  • Turkish court rejects U.S. pastor Brunson's appeal for release

    Turkish court rejects U.S. pastor Brunson's appeal for release

    Economy

    It's not clear from the speech quite what this boycott could entail - whether it's Erdogan encouraging people to buy non-American devices or whether this will be a full-on ban on imports. "We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands. Brunson and the US government vehemently deny those charges.
  • Mendocino Complex Aug. 13: Ranch Fire continues to grow towards Pillsbury

    Mendocino Complex Aug. 13: Ranch Fire continues to grow towards Pillsbury

    Economy

    Within three days, the Holy Fire had claimed more than 10,000 acres of land. There will likely be increased smoke activity in that area today as firefighters work to create a buffer zone. Among 14 active wildfires across California, the Holy Fire started on August 6 in Holy Jim Canyon of the Cleveland National Forest. The Hat Fire started Thursday in Shasta County.
  • Turkey's president threatens boycott of iPhones, other United States electronics

    Turkey's president threatens boycott of iPhones, other United States electronics

    Economy

    The drop is down to a ideal storm of fresh USA sanctions against the country, economic conditions in Turkey, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States. Meanwhile, inflation has hit 15 percent. If anything, the drop in the lira is making us a lot more money right now, so we're not anxious about it at all!”.
  • Elon Musk: Saudi Fund Asked About Taking Tesla Private

    Elon Musk: Saudi Fund Asked About Taking Tesla Private

    Economy

    According to estimates from Jeffrey Nassof, a director at Freeman Consulting Services, banks advising Tesla could make $90 million to $120 million in fees, while advisers to Musk could take home $30 million to $50 million. That meeting took place on July 31st. "They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil", Musk wrote.
  • Mechanic steals plane from SeaTac Airport, crashes

    Mechanic steals plane from SeaTac Airport, crashes

    Economy

    Authorities initially identified the man as a mechanic but have since then said he was a ground service agent. The tweet said the crash may have been caused by the mechanic 'doing stunts in air or lack of flying skills'. F-15 fighter jets were sent from Portland to control the situation and, if necessary to intercept it. Irvington Billingsworth said he was at Chambers Bay Golf Course, which is southwest of Tacoma, when suddenly he saw a plane flying very low overhead.
  • China places tariffs on another $16B worth of USA goods

    China places tariffs on another $16B worth of USA goods

    Economy

    China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.
  • It's been an afternoon of terror for traders betting against Tesla

    It's been an afternoon of terror for traders betting against Tesla

    Economy

    Trading in Tesla was halted at 2:08 p.m. ETpending the release of news. Elon Musk has said taking Tesla private would provide the company with an "enormous opportunity". Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable.
  • China hits back at United States with $60bn tariff threat

    China hits back at United States with $60bn tariff threat

    Economy

    But shortly after, on 6 July, it increased tariffs on US-made cars to 40% in retaliation to the US's move to tax $34bn of Chinese products. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.